Important information for your life insurance clients

 

Life insurance premium limit

We’re committed to providing life insurance products that offer long-term value to your individual and business clients. And occasionally that requires making adjustments during times of significant economic pressure—such as the current market volatility and the prolonged low interest rate environment. Effective immediately, we’ll be implementing the contractual $1 million premium limit on life insurance policies.

Premium limit details

  • A $1 million annual premium limit applies in all policy years.
    • Premium includes all recurring premiums, 1035 Exchange values, lump sums, and multiple applications on the same insured.
    • Individual consideration may be given for select cases over $1 million. Contact Business and Advanced Solutions for assistance.
  • The premium limit applies to all universal life, survivorship universal life, indexed universal life, and variable universal life products, except Principal Executive Variable Universal Life III used for nonqualified deferred compensation.
  • The Principal® illustration system will reflect this premium limit beginning April 6, 2020.
  • Any application signed on or after April 13, 2020, must adhere to the premium limit.

We appreciate your ongoing support. Should you have questions or need assistance, please contact your RVP or the National Sales Desk team at (800) 654-4278.

You can get more information relevant to your clients at our COVID-19 resource page.

 

 

Terms of Use  |  Disclosures  |  Privacy  |  Security  |  Report Fraud

 

Insurance products issued by Principal National Life Insurance Co. (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal National and Principal Life are members of the Principal Financial Group®, Des Moines, IA 50392.
For financial professional use only. Not for distribution to the public.

© 2020 Principal Financial Services, Inc. Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

LF1234 | 1138236-042020 | 04/2020